61 h. ago Hong Kong insurers identify 8,700 policies owned by Tai Po fire victims

About 30 Hong Kong-based insurance companies, including AIA and Manulife, have issued 7,600 life insurance and 1,100 property policies to policyholders listed as residing at Wang Fuk Court, according to the Insurance Authority. Insurance Authority CEO Clement Cheung Wan-ching said the authority had set up a special task force, led by senior executives, to urge all insurers to identify policyholders affected by the blaze at Wang Fuk Court last week that killed 159 people, injured 79 and left an...

Events

63 h. ago Rivals push insurance reforms, easier fire claims in Hong Kong poll race

Hong Kong’s insurers should make it easier for residents affected by the deadly Tai Po fire to file claims and consider incorporating fire safety inspection results into underwriting, according to sector representatives contesting a seat in the legislature. Insurance sector hopefuls Chan Pui-leung and Simon Lam Yat-tung made the appeals on Wednesday during a government-led forum, the first held since last week’s blaze at Wang Fuk Court in Tai Po, which claimed at least 159 lives. Chan, the...

Events

63 h. ago Rivals push insurance reforms, easier fire claims in Hong Kong election race

Hong Kong’s insurers should make it easier for residents affected by the deadly Tai Po fire to file claims and consider incorporating fire safety inspection results into underwriting, according to sector representatives contesting a seat in the legislature. Insurance sector hopefuls Chan Pui-leung and Simon Lam Yat-tung made the appeals on Wednesday during a government-led forum, the first held since last week’s blaze at Wang Fuk Court in Tai Po, which claimed at least 159 lives. Chan, the...

Politics

3 d. ago Hong Kong insurers face profit pressure in aftermath of deadly Tai Po fire

The devastating fire in Tai Po is likely to hurt profitability at Hong Kong’s property insurers and could prompt them to review pricing strategies that have led to lower premiums amid fierce competition, according to S&P Global Ratings. “Claim losses from last week’s fire at Wang Fuk Court in Tai Po will further erode the sector’s underwriting margins,” said Emily Yi Chang Yoon, credit analyst at S&P, in a report. The city’s property and casualty insurance companies already faced thinner...

Events

6 d. ago China guides banks, insurers to fully provide financial services after Hong Kong fire

China guides banks, insurers to fully provide financial services after Hong Kong fire  Reuters

Economics

6 d. ago Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago

When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people. “As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.” In the years since, fintech in Hong Kong has gone through a sea...

Politics

8 d. ago Taiping Insurance shares hit by over $200 million exposure to Hong Kong fire

Taiping Insurance shares hit by over $200 million exposure to Hong Kong fire  Reuters

Events

8 d. ago Hong Kong insurers liable for payouts of US$334 million related to Tai Po fire

Hong Kong’s insurance sector is expected to face record claims of HK$2.6 billion (US$334 million) related to the deadly fire in Tai Po, the worst in seven decades that claimed 55 lives and seriously damaged seven buildings, according to industry insiders. The fire would lead to a surge in insurance payments for personal and property coverage in the coming year, they said. The Insurance Authority on Thursday set up a special task force led by senior executives to ensure all insurance companies...

Economics

8 d. ago China Taiping Insurance shares fall on concerns about exposure to Hong Kong fire

China Taiping Insurance shares fall on concerns about exposure to Hong Kong fire  Reuters

Events

8 d. ago China Taiping Insurance Falls on Deadly Hong Kong Fire Liability

China Taiping Insurance Falls on Deadly Hong Kong Fire Liability  Bloomberg.com

Events

2 w. ago Hong Kong watchdog urges scrutiny of travel insurance terms amid claims disputes

Hong Kong’s consumer watchdog has warned residents travelling abroad to carefully compare the scope of coverage and exclusions of different insurance plans, following complaints regarding disputes over travel insurance claims. The Consumer Council said on Monday it had received several cases that reflected discrepancies between consumers and insurance companies’ understanding of coverage terms under different circumstances. In one case, a traveller said she failed to receive compensation for...

Politics

3 w. ago Hongkongers urged to secure travel insurance as bear attacks rise in Japan

Hongkongers visiting Japan should purchase adequate travel insurance, remain vigilant and avoid entering sealed-off areas known for bear attacks, or they may risk losing their coverage, tourism industry leaders have warned. The warnings came after a rise in bear attacks in Japan over the weekend, prompting the closure of popular destinations known for autumn foliage and hot springs, including Senshu Park in Akita Prefecture and the tourist village of Shirakawa-go in Gifu Prefecture. Chan...

Events